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Headline : Indian insurance industry mobilises about Rs 5 lakh crore of premiums in 2016-17, assets under management of insurers up to Rs 31-32 lakh;IRDA Chief
 
News Date : Aug 07, 2017
Source : AIP News Bureau
 
``Though Indian insurance industry is already on a fast paced growth of 20-30 per cent in various segments, the concern was coverage or penetration''

Mumbai:


The Indian insurance industry has mobilised about Rs 5 lakh crore of premium in 2016-17, taking the assets under management of insurance companies up to Rs 31-32 lakh crore, said TS Vijayan, Chairman, Insurance Regulatory and Development Authority of India (IRDAI) at the 19thInsurance Summit organised by the Confederation of Indian Industry (CII) on Monday.



General insurance has grown at 31 per cent last year and life insurance has posted a growth of about 25 per cent, he said. 



“We are also working with the government for very simple KYC. But what can be simpler than a Aadhar,” IRDAI Chairman T S Vijayan told reporters on the sidelines of CII’s 19th Insurance Summit here.



Though Indian insurance industry is already on a fast paced growth of 20-30 per cent in various segments, the concern was coverage or penetration, the IRDA chief said, adding that, “What we have to see is how many people are taking advantage of insurance cover.”



There is scope for existence of a lot of small insurance companies today with focus on specific geography or area of operation,
 



“In India smaller companies do have a space. Suppose, somebody working only in Hyderabad can exist, that is in a particularly geography, or if one wants to work in a particular area, it can exist.” 
 



“What you need is capital and cost structure to support it. If you want to float a small company you cannot pay a CEOs six digit salaries. The expenses will be limited”, Vijayan added while responding to queries from participants.
 
 


VK Sharma, Chairman of LIC said, “Only digitisation or technology cannot solve the problem of frauds. As technology advances, frauds also go up. We have to develop Technology-Human matrix capturing individual behavioural data to prevent frauds.”
 


Sanjiv Bajaj, Chairman, CII National Committee on Insurance and Pensions and Managing Director of Bajaj Finserv Limited, expressed concern over rising costs and falling return on capital for insurers.

 

 
 

 
 

 
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